North Korean crypto wallets sanctioned; Binance says it helped Treasury seize $4.4M

by Cryptospacey

The U.S. Treasury’s Workplace of Overseas Property Management (OFAC) sanctioned a number of addresses linked to North Korean cybercrime on Might 23.

Six wallets sanctioned

OFAC sanctioned six crypto addresses belonging to North Korean nationwide Kim Sang Man, who was concerned in cyber actions and fraudulent IT employee job placements that generated income for North Korea’s authorities and weapons applications.

The listing of sanctioned addresses contains two Bitcoin (BTC) addresses, two Ethereum (ETH) addresses, one Tether (USDT) deal with, and one USDC deal with.

OFAC additionally sanctioned 4 organizations associated to Kim and the scheme, together with the Chinyong Info Know-how Cooperation Firm.

OFAC mentioned that Kim has obtained greater than $2 million of crypto from IT staff as just lately as 2021. It didn’t state whether or not this represents all related funds.

Binance helped seize $4.4M

Binance individually introduced that it helped the U.S. Treasury seize $4.4 million linked to concerned people by taking motion in opposition to the related accounts.

Binance mentioned that firm members acted in compliance with warrants served. It famous that blockchain ledgers present a “super quantity of transparency,” which permits staff to offer related info to legislation enforcement.

OFAC didn’t point out Binance’s help in its announcement right this moment.

In previous stories, Binance steered that it had frozen greater than $5 million associated to North Korean crypto crime, although it seems that this motion was associated to a separate $600 million assault on the Axie Infinity and Ronin Community initiatives.

Binance is emphasizing its dedication to legislation enforcement and compliance amidst complaints from U.S. regulators and non-public journalists alike.

The put up North Korean crypto wallets sanctioned; Binance says it helped Treasury seize $4.4M appeared first on CryptoSlate.

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